Mortgage applications slipped 4.0% in the week ended March 29, as refinances dropped 6% and the purchase index rose 1%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

"Total purchase applications increased last week, due to an almost 7 percent increase in purchase applications for government loans. This was likely driven by borrowers applying for loans prior to the scheduled increase in FHA premiums that took effect on April 1," said Mike Fratantoni, MBA's Vice President of Research and Economics. "On a year over year basis, purchase applications are up about 4 percent, in line with the trend we are seeing in home sales volumes."

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